University of Minnesota - UMN Executive Leadership Insights
RIP Goldman Sachs
Article

RIP Goldman Sachs

When I started out at Goldman, it was the most feared firm on Wall Street. Those days are gone for good.

Bethany McLean
Business Insider UK, 2023
Read the article

Read or listen offline

Amazon Kindle
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×

Editorial Rating

8

Qualities

  • Background
  • Engaging
  • Insider's Take

Recommendation

In investment banking, the Goldman Sachs brand exuded bravado, confidence and superiority. Goldman always seemed one step ahead of the competition; its alumni served in institutions and governments around the world. But since the 2008 financial crisis, stakeholders believe the brand has lost its luster. Journalist and former Goldman analyst Bethany McLean weaves a detailed narrative about the challenges senior leaders face to right the Goldman ship. Investors, executives and financial professionals will find this an insightful examination of a storied firm. 

Summary

Goldman Sachs CEO David Solomon seeks to revitalize the illustrious firm after a decade-long malaise. 

In 2018, David Solomon became CEO of the legendary investment banking firm. He focused on revitalizing the brand, which has stagnated since the Great Recession. Under the leadership of Solomon’s predecessor, Lloyd Blankfein, company income had deteriorated: In 2018, revenues were lower than 2010’s revenues.

Goldman’s dramatic decline, particularly relative to the performance of its investment banking peers, contrasts sharply with its halcyon days, when observers considered the organization as the “greatest wealth-creation machine the world had ever known.” Goldman has faced adversity in its history, including...

About the Author

Special correspondent at Insider Bethany McLean is a contributing editor at Vanity Fair.  

Comment on this summary